After an epic loss of value, XRP has again rebounded over Christmas. In the last 24-hours, the cryptocurrency has witnessed an increase of 35%, but still down 40% over the weekly time timeframe.
After the Securities and Exchange Commission (SEC) filed a lawsuit against the XRP, the fourth-largest cryptocurrency by market cap, the price lost more than 30% of its value in a single day.
After a massive sell-off, the price again rebounded and recorded a price increase of 49% in the trading session of December 24. It is very strange to see XRP recovering from a down position even after the bad news of the lawsuit against the firm.
Over Christmas day, all altcoins have expressed bullish performance along with XRP. This is the first reason why the price is making a path in the upward direction.
Changing of SEC’s Chairman
The major reason behind the price rebound is the changing of SEC chairman as a result of Jay Clayton’s departure from the office. Elad Roisman will act as the new chairman of the Securities and Exchange Commission. He is known for having a soft corner for cryptocurrency. However, legal advisor Jake Chervinsky claimed there will be no effect of the new chairman over the lawsuit against Ripple. He said:
“It’s extremely unlikely that changes in SEC leadership will have any impact on the Ripple case. Given Comm’r Peirce’s conspicuous silence, I’d guess the vote was unanimous in favor of filing.”
The SEC has launched a legal battle against the San Francisco-based blockchain payment processor and its executives for violating the rules and regulations set by the US regulators for securities. The US regulator accused Ripple of selling unregistered securities worth $1.3 billion to investors. As the regulator called XRP security, some crypto exchanges have decided to terminate the trading of the cryptocurrency on a temporary basis. And few have even delisted the coin from the trading platform. The delisting impacted the XRP’s price a lot in declining to a great extent.
In today’s trading session, almost all major cryptocurrencies have performed bullish and have registered bullish movements. Ethereum, the second-largest cryptocurrency by market cap is up 6.35% in the daily session, while Litecoin and Bitcoin Cash have increased by 8.77% and 11.02% in the last 24-hours. XRP coin, on the other hand, is standing at $0.34 after an increase of 35% over the day.